ISFD Sign MoU with INNOVX to Support Agri-Business in Africa

Riyadh, Saudi Arabia – April 28, 2024 – The Islamic Development Bank (IsDB) and Islamic Solidarity Fund for Development (ISFD) and INNOVX, a multisectoral company committed to developing innovative, sustainable businesses and ecosystems, announced today the signing of a strategic partnership on the sidelines of the Islamic Development Bank (IsDB) Annual Meetings. 

The MoU, signed by Dr. Hiba Ahmed, Director General of ISFD, and Mr. Younes Addou, Vice President Agribusiness & Sustainability Solutions of INNOVX, establishes a framework for collaboration between ISFD and INNOVX. It focuses particularly on enhancing the Agri-Finance Platform, which supports the structuring, development, and de-risking of agricultural value chains across Africa. Moreover, INNOVX will spearhead the development and structuring of financing initiatives aimed at addressing sector-specific or broader challenges within the continent. 

This collaboration aims to identify opportunities for ISFD to join the Agri-Finance Platform, powered by INNOVX, as a co-sponsor alongside founding partners such as OCP Group and the International Finance Corporation (IFC). The MoU paves the way for discussions to define the terms and conditions of ISFD's potential involvement in the Agri-Finance Platform. Additionally, the MoU outlines the intention to develop a pipeline of joint interventions targeting specific value chains or sectors. These initiatives will bolster ISFD programs designed to enhance assistance for African agribusiness Micro, Small, and Medium Enterprises (MSMEs) and smallholder farmers. 

Speaking about this partnership, Dr. Hiba Ahmed stated: “This MoU with INNOVX represents a significant step forward in our efforts to support the development of Africa's agri-business sector. By joining forces, we aim to foster a more sustainable and inclusive agricultural industry that uplifts smallholder farmers and bolsters food security across the continent.” Mr. 

Younes Addou expressed his enthusiasm about the collaboration, noting: “We are thrilled to collaborate with ISFD and leverage their expertise and resources to further our mission. This partnership will enable us to amplify our impact and tackle the critical challenges facing African agricultural value chains.”